The Accounting Entity means...

Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.

__________________ is a language of business.

Management is the ________users of accounting.

We record ___________in the books of accounts.

Which of the following is not a branch of accounting?

Which is the first step of accounting process?

Qualitative characteristics of accounting information are

End product of accounting is __________and _____________of accounting.

The purpose of accounting is to____

________ is recording, analyzing, and interpreting financial information there off.

Which of the following does not represents the characteristics of Management Accounting?

The following are the objectives of accounting except _______

Management of a business enterprise is the major external user of information.

Owners of business firms are the only people who need accounting information.

Financial statements are the major means of communicating accounting information to interested parties.

A partnership must have more than one owner.

Which of the correct sequence of accounting activities?

Advantages of Accounting

Companies are incurring extra costs for providing work from home facilities to employees during the current pandemic. Identify whether these are controllable or non controllable costs.

Cash , goods or assets invested by the proprietor in the business for earning profit is called __________.

Any legal activity performed for earning profit is called :-

Manipulation of accounts to show the better position of the company is :-

Which of the following is not a sub-field of accounting

Which of the following the most relevant accounting information for taxation authorities ?

Which of the transactions is of a financial character and will be recorded in the business ?

Internal Users of Accounting information are

External Users of accounting information are not :-

Accounting is referred to as the "language of ___________________."

Which branch of accounting embraces the preparation of various tax returns and tax planning necessary to minimize the impact of taxes on the firm?

Which branch of accounting is concerned with analyzing costs of products or services rendered in a business?

Which types of business offers share for sale to the public?

Which of the following is not the field of accounting?

Which of the following is not the role of an accountant?

Which of the following would not be considered as the external users of accounting data?

Who is considered as the father of modern accounting?

The definition "Accounting is the process of identifying, measuring, and communicating economic information." came from which organization?

This user of the financial statements is concerned mostly with the liquidity of business.

A business and its owner are two separate entities.

Business should record the business activities based on the cost value or the actual price stated in the source document.

Business should report relevant, reliable, timely, unbiased and free form mistakes or errors information.

It is getting to be recognized as a new discipline which integrates accounting, auditing and investigative skills.

Father of Accounting

What is proprietorship business?

"Haziq Enterprise purchases a lorry worth RM 80,000. For the next year the price of the lorry was reduce to RM 75,000. The value must be recorded is RM 80,000 because it is a cost value."

The above statement referring to which account principles..

What is the accounting process no 3?

A supplier can be a company or an individual that

What is the main role of an accountant?

Which the following activities is NOT an accounting function?

Which of the following purposes is NOT the purpose of accounting?

Which is true about company?

Types of business activities are...

Accountants refer to an economic event as a

What is GAAP?

Which of the following item is not an asset.

A Bank Loan is classified as a:

For every transaction, both the aspects are effected.

when the owner takes money out of the business's account it is called _________?

Which of the following items would not fall under the definition of an asset ?

Goodwill is a

The amount spent in order to produce and sell the goods and services which generates income is termed as

Assets which are purchased for the purpose of operating the business and not for resale are called

The person who owes money to the firm is called a

Mr. Moonrise started a business for buying and selling of stationery with ₹5,00,000 as an initial investment. Of which he paid ₹1,00,000 for furniture, ₹2,00,000 for buying stationery items. The amount of capital will be

An Enterprise to whom an entity owe, an amount for buying goods and services on credit is called

A liability arises because of _________. choose all possible correct answers.

Which of the following are goods?

Revenue from operations refers to __________.

Sale is recognised as a revenue

Which of the following is not a long term liability

Purchase refers to purchase of......

The total assets of Abawag Enterprises are P700,000 and its owner’s equity is P420,000. What is the amount of its liabilities?

2.) The total owner’s equity of De leon Servicing amounts to P250,000 and the total liabilities are 150,000. How much is the total assets if P50,000 was withdrawn by the owner for his personal use?

A planned process designed to complete financial data and summarize the results in accounting records and reports.

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

The difference between assets and liabilities.

The difference between personal assets and personal liabilities.

The principles of right and wrong that guide an individual in making decisions.

A business that performs an activity for a fee.

A formal written document that describes the nature of a business and how it will operate.

An equation showing the relationship among assets, liabilities, and owner's equity.

A record that summarizes all the transactions pertaining to a single item in the accounting equation.

Any business activity that changes assets, liabilities, or owner's equity.

The name given to an account.

A sale for which payment will be received at a later date.

The difference between the increases and decreases in an account.

An account used to summarize the owner's equity in a business.

A type of asset that represents physical goods for sale.

Economic resources of the entity. Include such items as cash, accounts receivables, inventory, land, buildings, equipment, intangible assets and others.

Fees earned from providing services and/or the amounts of products sold.

Payments from the organization to its owners.

Owners investment in the business minus the owners draws or withdrawals from the biz. Mathematically it is assets minus liabilities.

This liability represents amounts of money owed to vendors for purchases of goods or services.

This assets represents amounts of money to claim from customers for sales or goods or services on account.

These assets represent the value of machinery, cars, factory, etc.

This asset represents amounts of money on deposit in a bank account or accounts and is very "liquid".

These liabilities represent amounts of money owed to banks or other financing institutions.

This term means within 12 months. It is used to classify assets & liabilities on a balance sheet.

This term means more than 12 months. It is used to classify assets & liabilities on a balance sheet.

Summary report that presents the performance of a company or individual in a period of time. It includes sales, cost of goods sold, other expenses including tax and financing expenses. It shows whether the company made a profit or loss during that period.

Summary report that represents the accounting equation of a company. It is a static report at a point of time, like a snapshot. It reports assets, liabilities and equity and sub categories. It represents the net worth of a company.

Summary report of the cash generated by a company during a period of time.

Which of the following is NOT a report used in accounting?

If the capital of a business is ₹ 5,00,000 and outside liabilities are ₹200,000. Calculate total assets of the business.

Amount which the proprietor has invested in a business is known as ......

Current Liabilities include:

.......... are those assets which have a physical existence and which can be seen or felt.

If total assets of a business are rs 10,00,000 and capital is rs 4,00,000. Calculate Creditors......

Which of the following equation is correct.....

.......... Refers to those liabilities which are to be paid normally with in one year.

The term SALES is used only for the sale of .........and is never used for the sale of any asset.

Expenses which are yet to be paid is known as

Expenses which are paid in advance is......

Paid Rent results in

Sold goods on credit effects on

Purchase goods for cash affects on

Received commission effects on

Goods that a business purchases in order to sell.

Goods that a business purchases in order to sell.

It is the simplest form of business organization

It refers to an association of two or more persons to carry on as co-owners of a business for profit

It is the process of converting raw materials into finished products

Other term for Merchandising?

Geeta, a very wise business woman has Investment in shares of Rs.10,00,000. This Investment in Shares are:

Domnic, a business man is not aware of certain terms. He thinks that salary paid is loss for his business. Is he right? Salary paid is:

Domnic, a business man is not aware of certain terms. He thinks that salary paid is loss for his business. Is he right? Salary paid is:

Bank Overdraft is

Ram, a business man was very prompt. He prepaid Insurance of Rs. 10,000. Prepaid Insurance is

Mr. Mehta, a business man was in need of money to pay his sons school fees, so he withdraws money from his business Rs.50,000. The business decided to charge interest on such drawings, so interest on drawings is:

Raman Ltd, had spent Rs. 1,50,000 on Freehold Premises. Freehold Premises are

Kanika Kapoor's Business has current account, this current account is

Tiger Ltd. has a trade mark of Rs.6,90,000. Trade Mark is

These are goods not yet sold or goods to be sold